Daiwa Securities Group Inc. Has $256.98 Million Position in Sun Communities, Inc. (NYSE:SUI)

Daiwa Securities Group Inc. cut its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 13.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,901,463 shares of the real estate investment trust’s stock after selling 294,421 shares during the period. Sun Communities comprises 1.2% of Daiwa Securities Group Inc.’s investment portfolio, making the stock its 24th largest position. Daiwa Securities Group Inc.’s holdings in Sun Communities were worth $256,983,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Westfield Capital Management Co. LP boosted its position in Sun Communities by 58.8% in the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after buying an additional 355,427 shares in the last quarter. Swedbank AB lifted its stake in shares of Sun Communities by 52.8% in the 3rd quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust’s stock valued at $21,944,000 after acquiring an additional 56,132 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Sun Communities by 56.4% during the 3rd quarter. Cerity Partners LLC now owns 31,346 shares of the real estate investment trust’s stock valued at $4,236,000 after acquiring an additional 11,305 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Sun Communities by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust’s stock worth $145,359,000 after acquiring an additional 3,254 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Sun Communities by 22.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 13,677 shares of the real estate investment trust’s stock worth $1,848,000 after purchasing an additional 2,521 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

SUI stock opened at $127.46 on Friday. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average price of $132.51 and a 200-day moving average price of $127.49. The firm has a market cap of $16.24 billion, a PE ratio of 68.53, a price-to-earnings-growth ratio of 0.54 and a beta of 0.91.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.57 earnings per share. As a group, equities research analysts expect that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.95%. Sun Communities’s payout ratio is presently 202.15%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SUI shares. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price on the stock. Evercore ISI upped their price target on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has an average rating of “Hold” and an average price target of $139.08.

About Sun Communities

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.